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11 Oct

Company director imprisoned

  • General

A director of a company that manufactured security systems has been found guilty of two counts of fraudulent trading and one count of fraudulently removing property in anticipation of winding up. He was sentenced to two years in prison after…

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11 Oct

The end of late payments by large organisations?

  • General

The government has been trying to combat the widespread issue of large businesses abusing their position by making late payments to small businesses. This initiative has included the launch of the voluntary Prompt Payment Code (PPC) in April 2017…

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11 Oct

Importing from non-EU countries

  • HMRC notices

There are special rules for businesses that import goods from non-EU countries. Whilst most smaller businesses importing goods will use a courier or freight forwarder it is still important to be aware of the duties and VAT implications. Businesses…

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11 Oct

Self-assessment filing deadline

  • Income Tax

The 2017-18 tax return deadline for taxpayers using a paper self-assessment return is 31 October 2018. Late submission of a self-assessment return will become liable to a £100 late filing penalty. The penalty usually applies even if there is no…

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11 Oct

VAT - option to tax

  • Value Added Tax

There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and buildings (known as the option to tax). This means that subsequent supplies by the person making the option to tax will be…

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11 Oct

Companies and trading losses

  • Corporation Tax

Corporation Tax relief may be available when a company or organisation makes a trading loss. The loss may be used to claim relief from Corporation Tax by offset against other gains or profits of the business in the same or previous accounting period.…

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11 Oct

The Digital Disclosure Service

  • General

HMRC has used targeted campaigns to recover underpaid taxes and penalties from specific sectors and industries where significant underpayment of tax has been identified. The use of these campaigns is part of the government’s continued moves to tackle…

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11 Oct

Genuine messages from HMRC

  • General

HMRC has issued an updated version of their online guidance on Genuine HMRC contact and recognising phishing emails and texts. The guidance provides a current list of genuine messages from HMRC. This includes email messages, text messages and…

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3 Oct

Charity filing deadline approaching

  • Corporate Governance & Regulation

The Charity Commission has warned charities that the deadline for submitting the 2017 annual return is fast approaching. The deadline for charities with a standard 12-month accounting period is 31 October 2018. According to the Charity Commission,…

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3 Oct

When do you pay Income Tax?

  • Income Tax

Income Tax, unsurprisingly, is a tax on income. To be more specific, it is a tax on the income of individuals and non-incorporated businesses. However, there are some types of income where no Income Tax is payable. We have summarised below some of…

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3 Oct

What are National Insurance credits?

  • National Insurance

National Insurance credits can help qualifying applicants to fill gaps in their National Insurance record. This can assist taxpayers to build up the amount of qualifying years of National Insurance contributions which can increase the amount of…

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3 Oct

Gift Aid donations for food and drink

  • HMRC notices

The Gift Aid scheme is available to all UK taxpayers. The charity or Community Amateur Sports Clubs (CASC) concerned can take a taxpayer’s donation and provided all the qualifying conditions are met, can reclaim the basic rate tax allowing an extra…

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